Conditions of acceptance - CAF Company Account

With effect from 1 May 2014

The following is a statement of the usual conditions which apply to funds donated to the Foundation.

1. A contribution is taken for the work and grant making activities of CAF itself. The CAF contribution scale is outlined on the CAF Company Account Fee Schedule.

Please note that the contribution to CAF includes your account administration costs which are inclusive of VAT.

These sums are indexed annually on 1 May according to the movement in the RPI (as at the previous December) rounded to the nearest £500.

Contributions are deducted from a CAF Company Account as and when funds are paid into the account and at the end of April if no donations have been made into the account during the CAF accounting period. An adjusting entry will be debited in April to ensure that the £50 annual minimum is achieved.

CAF Company Accounts that are opened specifically to hold funds relating to Give As You Earn administration fees, matching payments and other CAF services will not be subject to any CAF contributions.

2. CAF’s Trustees are obliged to apply a part of each donation into a CAF Company Account as a contribution to support the work of their Founder, the National Council for Voluntary Organisations (NCVO). This fee is calculated as follows:

  • 1% on cumulative sums up to £107,500*
  • Cumulative sums of £107,500 and over in the CAF accounting period will incur a maximum NCVO deduction of £1,075*

* These sums are indexed annually on 1 May according to the movement in the RPI (as at the previous December) rounded to the nearest £500.

CAF Company Accounts that are opened specifically to hold funds relating to Give As You Earn administration fees, matching payments and other CAF services are not subject to NCVO contributions.

3. The Trustees have the same power of investment in respect of donated funds as they have in respect of the Foundation’s other property under the terms of its Trust Deed.

4. Pending distribution in accordance with a direction, the Trustees will apply donated funds for charitable purposes by investing them in such manner as they think fit and the resulting income and gains shall be income and gains of the Foundation.

5. The Trustees will distribute donated funds among such charities as the donor shall in writing from time to time direct or failing such direction, as the Trustees shall in their absolute discretion determine.

6. The Trustees shall be entitled to refuse to distribute funds to any institution which does not make its accounts available for inspection by the public.

7. The donor acknowledges that the Trustees do not take any responsibility for the suitability of any particular recipient.

8. The Trustees reserve the right to recover from the donor sums of money which it is required to repay to HM Revenue & Customs for any reason including infringements of the ‘benefit rules’ which apply to Gift Aid.

Information on the benefit rules is available from the Foundation or from HM Revenue & Customs.

9. The Trustees reserve the right to revise these Conditions of Acceptance on giving three months’ notice.

 

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